Estate Planning Checklist for the Fall: What to Review Before Year-End

The end of the year has a way of sneaking up on people. Before the holidays take over, fall is actually one of the best times to pause and look at your estate plan with fresh eyes. Life changes, and what you put in writing a few years ago may no longer reflect what you actually want. It’s important to know:

• Whether your will and trust still reflect changes in your family, finances, and property
• The beneficiaries named on life insurance and other financial accounts
• The people you have chosen to manage your estate or make financial and healthcare decisions for you
• Where your estate planning documents are kept and which updates to complete before year-end

Here at Fout Law Office, our team is committed to helping you make sure that your estate plan has everything you need. If you have further questions or need to get your affairs settled, reach out to our team today.

Does Your Will or Trust Still Reflect Your Life Today?

This is the first place to look, and for good reason. A will or trust you created five years ago may not account for:

• A new marriage, divorce, or remarriage
• The birth or adoption of a child or grandchild
• A significant change in your finances or property
• The death of someone named in your plan
• A move to a different state

Read through the document carefully. Ask yourself whether the people named and the assets described still make sense. If something feels off, it probably needs attention.

Are Your Beneficiary Designations Up to Date?

This is one of the most overlooked parts of estate planning, and it matters more than most people realize. Beneficiary designations on retirement accounts, life insurance policies, and financial accounts pass directly to the person named, regardless of what your will says. The two can conflict, and the beneficiary designation almost always wins. Take the time to review:

• Retirement accounts such as 401(k) plans and IRAs
• Life insurance policies, both individual and through an employer
• Bank and investment accounts with a payable-on-death or transfer-on-death designation
• Annuities or pension plans

Check both your primary and contingent beneficiaries. A contingent beneficiary steps in if your primary beneficiary passes away before you do, so leaving that field blank is a real gap in your plan.

Have You Chosen the Right People To Make Decisions for You?

Your estate plan is only as strong as the people behind it. Two documents in particular determine who speaks for you when you cannot speak for yourself:

• A durable power of attorney names someone to handle your financial affairs if you become incapacitated.
• A healthcare power of attorney names someone to make medical decisions on your behalf.

Think honestly about whether the people you originally named are still the right choice. Relationships change. Circumstances change. The person who made sense ten years ago may no longer be in a position to take on that role, whether because of distance, health, or a shift in your relationship with them.

If you do not have these documents in place, the fall is a good time to get them done before the new year.

Where Are Your Documents, and What Still Needs To Be Done?

Knowing your estate plan exists is one thing. Knowing where to find it is another. Ask yourself:

• Do your spouse or trusted family members know where your documents are stored?
• Are your original documents in a secure but accessible location, such as a fireproof safe or with your attorney?
• Have you shared copies with the people named in your plan?

This is also a natural moment to make a list of anything still outstanding. Common year-end updates include:

• Changing a beneficiary designation after a major life event
• Retitling property to align with a trust
• Signing a new healthcare directive
• Updating a financial power of attorney that is no longer current

Small oversights in these areas can cause real problems for your family down the road. A little attention now saves a great deal of difficulty later.

Ready To Review Your Estate Plan Before Year-End?

Reviewing your estate plan does not need to be a lengthy or stressful process. Working through the items above gives you a clear picture of where things stand and what, if anything, needs to change.

At Fout Law Office, attorney Teresa Fout works with families to review, update, and finalize estate planning documents so that their wishes are properly protected. If you are ready to take a closer look at your plan before the year closes out, contact our office to schedule a consultation.